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Entrepreneurship and venture creation - Essay Example

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Entrepreneurship is all about setting up a new business in the market place. A business model is basically developed by an entrepreneur with the…
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Entrepreneurship and venture creation
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Download file to see previous pages In the current scenario, concept of entrepreneurship has expanded, in terms of including social and political activity. Entrepreneurs are often regarded as leaders who are even denoted as risk takers. These leaders undertake risks so as to accomplish set goals and explore market opportunities. Entrepreneurs are even inclined towards planning, employing and organizing resources. There are two forms of entrepreneurial skills – to improve upon existing product line or design a completely new product. Changing mind set is also observed within entrepreneurs and this leads to formation of social entrepreneur, knowledge entrepreneur, political entrepreneur, etc. Successful entrepreneurs basically possess two important attributes such as team building skills and management skills (Audretsch and Lehman, 2005). A new business idea is also generated by Marvin Hill as per the case study. Marvin Hill in present scenario is a multi-millionaire. He has been able to deliver creative ideas and develop solutions for market based problems. Marvin Hill had worked for Ford Motor Company since six years and then he decided to shift towards building his new business. He was determined to design computer aided software for providing assistance to engineering projects. This CAD software was a relief for many large scale organizations that undertake engineering projects. MarvCAD Inc., had been able to acquire desirable profit margins within few years of its incorporation. The company was more inclined towards addressing critical issues related to engineering products. Software quality designed by Marvin Hill was much higher and it was user friendly. Users could easily work with CAD in terms of facilitating search capabilities, visual, proprietary and website content, audio, etc. The different pieces of this software were highly customized and modularized. It enabled users to attach add-ins as and when required. ...Download file to see next pagesRead More
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